Trade Minister: How Nigeria can kick oil habit and become a global player

the Nigerian minister of industry, trade and investment.

Right now, he has plenty to work with.

One of the largest economies in Africa is shrinking. Collapsing oil revenue has plunged Nigeria into a full-year recession for the first time since 1991, and caused a damaging foreign currency shortage.

Storm clouds are gathering over crucial trade and development relationships with Britain and the US, as the former contemplates an uncertain future outside the European Union, and the latter signals a shift to "America First" protectionism under President Donald Trump.

Related: Nigeria - An Economy Divided

Enelamah, an experienced private sector banker, only entered government in November 2015. But the new minister believes he can chart a course through the turbulent waters, and discussed his plans with CNN in London.

Dr. Okechukwu "Okey" Enelamah, the Nigerian minister of industry, trade and investment.

Britain and the Commonwealth

Enelamah was in London for the inaugural Commonwealth Trade Minister's Meeting, a gathering of officials from the former British colonies that make up the Commonwealth.

The host nation is keen to forge new trade alliances as it retreats from Europe. The 52 Commonwealth states -- representing a combined population of more than two billion people - offer an attractive alternative.

Critics have attacked the event as an exercise in colonial nostalgia, branding it "Empire 2.0."

But Enelamah is satisfied that Britain is not seeking a new era of exploitation, and sees opportunities for Nigeria in deeper partnership with the UK.

"My experience so far with Britain and (Trade Secretary) Dr. Liam Fox has been very equal and collaborative -- I don't sense an imperial mindset," he says. "Any agreement would have to be a 21st century agreement, accounting for where countries are today, not where they were 100 years ago."

Enelamah hopes Britain will support advanced industrialization in Nigeria, so the country can move further up the manufacturing value chain and away from relying on the export of raw materials - predominantly oil. He also believes British expertise can improve quality control for Nigerian exports, which would improve access to markets.